Insurance worth lakhs for a premium of less than ₹20, Get tremendous protection with the PMSBY Scheme – Times Bull

By Samira Vishwas On Feb 14, 2026

PM Suraksha Bima Yojana: The central government is running a special scheme to benefit the public. Under this scheme, ordinary people receive financial support. The government is also running a health scheme for public health. This scheme is called the PM Suraksha Bima Yojana. This scheme was launched on May 9, 2015. Its purpose is to provide accident insurance protection to the common citizens of the country, especially the poor and vulnerable, at a very low premium. This is a one-year accident insurance plan, which must be renewed annually.

Under the PM Suraksha Bima Yojana, if a person dies or becomes completely disabled in an accident, their family receives financial assistance. The benefits of the scheme are directly linked to their bank account, making the process easy.

How much insurance is available in case of an accident?

The Pradhan Mantri Suraksha Bima Yojana provides an insurance cover of ₹2 lakh in case of death or permanent total disability due to an accident. If an accident results in the loss of vision in both eyes or the loss of function in both arms or legs, it is considered a total disability. If a person loses one arm, one leg, or one eye, they receive an insurance amount of ₹1 lakh.

Who Can Benefit?

Any Indian citizen between the ages of 18 and 70 can participate in this scheme. The only requirement is that they must have a savings account. A person can only benefit from one bank account, even if they have multiple accounts. An Aadhaar card must be linked to the bank account, as this is the main identification mechanism for the scheme.

Premium Requirements

The most significant feature of the Pradhan Mantri Suraksha Bima Yojana is its extremely low premium. The annual premium is only ₹12, which translates to approximately ₹1 per month. This amount is automatically deducted from the bank account every year through auto-debit, eliminating the hassle of paying premiums. Insurance coverage is valid from June 1st to May 31st each year and is renewed annually.

How to Apply for the Scheme

To enroll in this scheme, individuals must visit their bank and fill out a simple form. The form includes consent for auto-debit so that premiums can be deducted from their account on time. This process is usually completed before June 1st. Many banks also offer enrollment through net banking and mobile banking.

When Does Insurance Coverage Expire?

The Pradhan Mantri Suraksha Bima Yojana coverage can expire under certain circumstances. Insurance automatically terminates if a person reaches the age of 70. Additionally, coverage can also expire if the bank account is closed or if there is insufficient balance in the account to deduct the premium. If a person has mistakenly paid premiums from multiple accounts, the insurance cover will only be valid on one account, and the excess premium will not be refunded. In some cases, the plan can be reinstated by depositing the full amount.

Key Benefits of the Scheme

The Pradhan Mantri Suraksha Bima Yojana (PMSBY) provides a significant level of protection at a very low cost. Accident insurance coverage of up to ₹2 lakh for just ₹12 annually makes it extremely useful for the general public. This scheme is especially beneficial for those engaged in risky jobs and unable to afford expensive insurance plans.

With the auto-debit facility, premiums are deducted on time, and the policy automatically renews annually. The amount received in the event of an accident can be a significant support for the family. The Pradhan Mantri Suraksha Bima Yojana (PMSBY) is an affordable, reliable, and easy accident insurance scheme designed to provide financial security to ordinary citizens.

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